India Stocks: India shares drop as IT declines on Accenture shock

Accenture

19/06/2026 05:48

Updates for morning trade
By Bharath Rajeswaran

    June 19 (Reuters) - Indian shares opened lower on Friday, after a five-session winning streak, dragged by information technology stocks following a weak earnings outlook from Accenture ACN.N, while HDFC Bank HDBK.NS also fell. 
The benchmark Nifty 50 .NSEI fell 0.82% to 23,970.6, while the BSE Sensex .BSESN shed 0.94% to 76,688.63, as of 9:55 a.m. IST, after rising 4.3% and 4.8% in the last five sessions, on lower oil prices.
For the week, the Nifty and Sensex are up about 1.5% each.
Oil-to-telecom conglomerate Reliance Industries RELI.NS rose 0.5% ahead of its annual general meeting later in the day, with investors anticipating updates on Reliance Jio Infocomm's initial public offer, AI strategy and data centres.  
Index heavyweight HDFC Bank HDBK.NS fell 2% after the central bank approved a three-month extension for interim chairman Keki Mistry, or until a new chairman is appointed. 
Twelve of the 16 major sectors logged losses. The IT index .NIFTYIT lost 5.7% to a three-year low, with all 10 constituents declining. 
TCS TCS.NS, Infosys INFY.NS and HCLTech HCLT.NS lost between 5% and 8.1%.
Morgan Stanley said Accenture's commentary could dampen hopes of a meaningful recovery in IT services growth in the September quarter, raising the risk that IT companies may cut their revenue growth guidance. 
The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lost 0.1% and 0.3%, respectively.
Bucking the broader trend, Aurobindo Pharma ARBN.NS gained 2% after announcing plans to divest four generic pharma products as part of regulatory requirements to complete its proposed $250 million acquisition of U.S. firm Lannett Company.
Amber Enterprises AMBE.NS rose 2% after entering into an agreement with Oppo India for manufacturing smartphones for the Oppo, OnePlus and Realme brands.
For the Indian markets, Kunal Vora, analyst at BNP Paribas, said, "The recent announcement of the U.S.-Iran peace agreement and consequent oil price easing is a relief, but El Nino and a potential weak monsoon are emerging risks (for markets)."

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))